Research On Characteristics And Effects Of "Debt-to-equity" Of SX Coal Chemical Group Company

In order to promote supply-side reform,China has launched a new round of debt-to-equity swaps since October 2016.This paper takes the SX Coal Chemical Group's debt-to-equity swap as an example to explore its characteristics and effects,in order to clarify the characteristics of the new round of debt-to-equity swaps and test its practical effects.The research idea is:on the basis of combing relevant research and basic theory,the characteristics of SX Coal Chemical Group's debt-to-equity swap are analyzed,and then the stock price effect,financial effect and corporate governance structure of SX Coal Chemical Group's debt-to-equity swap are empirically analyzed based on the event research method.effect.The main work results and conclusions are as follows:(1)Select the stock price data of SX Coal Chemical Group's debts one year before and after the stock exchange,and use the event research method to quantitatively evaluate the stock price changes before and after the debt-to-equity swap.The study found that the SX Coal Chemical Group's debt-to-equity swap event exceeded the cumulative yield in the window period,indicating that the debt-to-equity swap had achieved a good reflection in the market and brought positive wealth effects to shareholders.(2)Contact the characteristics of the coal industry,using the accounting index method,the economic value added method and the Tobin Q value method to analyze the financial effects of the SX Coal Chemical Group.The results show that the market value trend of SX Coal Chemical Group's debt-to-equity swaps is basically consistent with the results of most financial indicators.This shows that SX Coal Chemical Group has achieved good results after debt-for-equity swaps,showing a higher growth potential.(3)Analyze the enterprise effect from the perspective of corporate governance structure,analyze it from two aspects:equity structure and creditor structure.The analysis shows that debt-to-equity swap can reduce its debt ratio and reduce its financial leverage,which is beneficial to improve.The corporate governance structure within the company also found that the role of debt-to-equity swaps at the corporate governance level is positive,so debt-to-equity swaps can help SX Coal Chemical Group companies regain their vitality.The research in this paper further enriches the related research on debt-to-equity swap,and also provides reference and reference for the managers of the coal industry debt-to-equity swap.The research results of this paper show that for the listed companies in China's coal industry,when they are to convert their corporate bonds,they need to pay attention to their own strategic planning to achieve sustainable development.